RENO, Nev.--(BUSINESS WIRE)--Lithium Corporation (OTCBB: LTUM) (the "Company", or “Lithco”) is pleased to announce it has received very positive results from the second phase of sampling from the spring work program at Fish Lake Valley. Additionally the company would like to provide an update on progress at both the Salt Wells and Cortez prospects.
Subsequent to Lithium Corporation’s April 28th announcement, follow-up near surface brine sampling on the Company’s Fish Lake Valley prospect has better defined an anomalous area that is 1.3 miles wide by 2 miles long, where Lithium values are in excess of 50 mg/L, and Boron and Potassium levels are also elevated. Within this anomalous area lies a zone that measures 1 x 1.2 miles, where the lithium contents of the brine samples are all in excess of 80 mg/L, Boron values are greater than 1135 mg/L, and Potassium levels are 4000 mg/L (0.4%), and above. In turn this anomalous area encapsulates a more enriched zone which measures approximately 0.87 miles by 1.05 miles. Within this zone Li in brine values range from 100 to 150 mg/L, with Boron ranging from 1500 to 2670 mg/L, and Potassium from 5400 to 8400 mg/L. The average content of the brine samples taken within this highly anomalous zone is; Lithium 122.5 mg/L, Boron 2219 mg/L, and Potassium 7030 mg/L.
Magnesium content in the brine is extremely low within the Fish Lake anomaly with the highest sample value being only 1.5 mg/L. This is especially good news as elevated Magnesium content in brines increases processing costs considerably, so at the Company’s Fish Lake Project it is conceivable that low-magnesium lithium brines with moderate Boron and Potassium contents may be economically viable. The Company is planning to drill this prospect in September when ground conditions allow better access.
Elsewhere in Nevada, Lithium Corporation expects to begin drilling at its Cortez prospect in Lander County during the first week of July. After a year and a half of fieldwork and detailed studies of the basin, the Company looks forward to additional fieldwork at the prospect. At Salt Wells Lithco suspended drilling operations after four holes were completed due to poor surface access conditions in the Eight Mile Basin. The deepest hole drilled on the northern fringes of the anomaly outlined during the course of an earlier brine sampling program (described in the press release dated May 09, 2011) was 210 feet, and results are pending. The Company intends to return to this area in early August to finish the drill program.
For further information please contact Lithium Corporation at (888) 299-3989 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the state of Nevada. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, that the Company’s Fish Lake Project may be economically viable., that the Company may drill this prospect in September, that the Company, intends to return to the Salt Wells project in early August to finish the drill program, and in general any mineralization, exploration and development of our mineral properties, specifically in regards to any future drilling programs.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.